AbbVie revenue up for quarter, year
Life sciences firm AbbVie, which has operations in Worcester, saw a nearly 9-percent increase in fourth-quarter revenue, helped by double-digit growth in its popular arthritis drug, Humira.
AbbVie, based outside Chicago, said it took in $5.37 billion in the quarter. However, the company lost $810 million, or 51 cents per share. The company said its aborted attempt to buy U.K.-based rival Shire and move its headquarters there was a key factor in the loss. Nonetheless, AbbVie finished the year with $1.77 billion in net income. Its revenue for the year totaled $19.96 billion, up 6.2 percent from $18.79 billion in 2013.
In July, AbbVie announced it would buy Shire for $54 billion. But the agreement was terminated three months later amid mounting pressure in the U.S. to crack down on “inversions,” a strategy some U.S. companies look to employ by moving their headquarters outside the United States to lower their U.S. tax liabilities.
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